New VC firm Fontinalis to focus on transportation

Metro Detroit's old money is starting to dabble in a few new economy ventures, now that a group of local financial heavyweights have launched Fontinalis Partners.

Bill Ford (yep, that Bill Ford who chairs Ford Motor Co.) is teaming up with Ralph Booth (CEO and chairman of Booth American Company) and Mark Schulz (former president of International Operations at Ford) to launch the Michigan-based venture capital firm. Fontinalis will focus on investing in transportation tech companies around the world.

Fontinalis' first investment is in Atlanta-based Parkmobile USA. The nearly two-year-old firm specializes in mobile parking payment systems and integrated transportation technology solutions. Its European counterpart was founded in 1999.

Parkmobile's cashless parking system allows motorists to pay for parking through an application on their mobile phone or by making a short call. The idea is to eliminate meter feeding with pocket change and guessing a length of stay. Parkmobile also makes Electronic Parking Permits.

Fontinalis has offices in Detroit and Boston. Its mission is to leverage the firm's background in transportation to scale up companies providing the transportation technology solutions of tomorrow.

"We take our mission very seriously to invest in and assist firms currently providing transformational ideas and products devoted to solving the world's most pressing environmental and mobility-oriented problems," Bill Ford said in a press release.

Source: Fontinalis Partners
Writer: Jon Zemke

New VC firm Fontinalis to focus on transportation

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